THE Central Bank of Myanmar revoked the licences of three money changers and suspended those of six money changers in the past two days as they failed to comply with the rules and directives issued by the CBM.
CBM cancelled the money changer licences of Archipelago Seamen Club, SJ Vita Myanmar, and M Plus Myanmar companies for non-compliance with rules and directives of the CBM on 13 March 2024, as per the CBM’s notification dated 14 March.
Similarly, Sweet Yadana Co Ltd was granted a money changer licence (CBM FEMD-500/2020) on 18 June 2020 and was found to violate Section 22 of the Foreign Exchange Management Law. Consequently, it got suspended for up to six months under Section 35 (B) of the Law starting from 13 March.
Moreover, Ngwe Myinn Phyu Co Ltd, which was granted a money changer licence (CBM FEMD-38/2013), got a six-month cancellation of the licence for non-compliance on 12 March 2024.
Additionally, Thura Nay Tun (Fame Money Changer), Lead Star Money Changer, Steber Group Money Changer and Asia Shwe Thee Money Changer got their licences suspended for three months from 12 March 2024.
The CBM will conduct surprise inspections at money changers in a bid to stabilize foreign exchange rates in line with the existing laws, the CBM announced on 11 March.
The CBM initiated an online trading market in which exporters/importers and private banks are engaged, with a view to developing the FX market. Additionally, the authorized money changers sell the foreign currency as petty cash to those going abroad, according to the CBM’s notification.
Moreover, the surprise visits are being undertaken at money changers to ensure they abide by the directive issued by the Foreign Exchange Management Law.
A combined team led by the Monitoring and Steering Committee on Gold and Currency Market, comprising competent authorities from the CBM, Yangon City Development Committee, the Department of General Administration and law enforcement agencies, has been conducting the surprise inspections.
NN/EM
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